Virus crisis to cut airline 2020 revenues by 60% - IATA | News24

The situation, however, is expected to improve next year.

Airline revenues this year will plunge by 60% as a result of the coronavirus pandemic which threatens the survival of the industry, the International Air Transport Association said Tuesday. It added that while airlines have been slashing costs by $1 billion a day, grounding fleets and cutting jobs, they are still racking up huge and"unprecedented" losses.Compared with 2019, this year's revenues are now expected at around $328 billion, IATA, which groups 290 airlines, said at its annual congress in Paris.

Next year the situation will improve but will still see airlines hit with a combined loss of $38.7 billion, also worse than its previous estimate of $15.8 billion."This crisis is devastating and implacable," IATA director general Alexandre de Juniac said in a statement.

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